Search Results for: Debt

The Prodigal Prince: Richard Roberts and the Decline of the Oral Roberts Dynasty

Photo by mulmatsherm

Kiera Feldman | This Land Press | September 2014 | 34 minutes (8,559 words)

This Land PressWe’re proud to present a new Longreads Exclusive from Kiera Feldman and This Land Press: How Richard Roberts went from heir to his father’s empire to ostracized from the kingdom. Feldman and This Land Press have both been featured on Longreads many times in the past, and her This Land story “Grace in Broken Arrow” was named the Best of Longreads in 2012.
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How to Spell the Rebel Yell

Elena Passarello | The Normal School | 2010 | 14 minutes (3,470 words)

The Normal SchoolOur latest Longreads Member Pick is a deep dive into the sounds of history, from Elena Passarello and The Normal School. The essay also is featured in Passarello’s book, Let Me Clear My Throat.
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“Yee-aay-ee!” “Wah-Who-Eeee!” -Margaret Mitchell

 

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“Rrrrrr-yahhhhhhhhhhhhhhhhhh-yip-yip-yip-yip-yip!”

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Can Time Inc. Save Itself By Becoming the Next Facebook?

When [Joe] Ripp first discussed taking the CEO job with Bewkes, he said that Time Inc. needed to stop thinking of itself as a magazine company. But what exactly Time Inc. will become depends on who is talking. Ripp tells me it will be a significant player in video. (The company has backed the online channel 120 Sports and has rolled out channels for sports, celebrity news, and business.) Ripp also wants to branch into e-commerce, conferences, and events. Pearlstine praises Forbes’s user-generated content model. He supports “native advertising,” the practice of running sponsored content that looks similar to editorial content, and also said his dream acquisition is LinkedIn. M. Scott Havens, a digital executive Ripp hired from Atlantic Media, recently told The Guardian that Time Inc. needs to build “the next Gilt, the next Facebook.”

None of this talk has eased skeptics’ doubts. “What is this company?” one recently departed editor asked me. “They’ve declared print dead and hastened the end of the magazine business. But they don’t have an idea of what the company is instead.” Given the crushing debt load, roughly two and a half times earnings, that has to be serviced somehow, many inside the company anticipate extreme budget cuts. And Ripp’s finance background has triggered speculation that Time Inc. is being gussied up for a sale. “Private equity could drain the cow until there’s nothing left,” speculated another longtime Time Inc. executive.

Ripp shoots down that idea. “I would not come back to a company that would be bled and drained,” he tells me. “I didn’t want any part of that. This company defined my life.”

— Time Inc., the storied company behind publications like People, Sports Illustrated, and its flagship TIME magazine, is searching for new revenue models after the decline of print-ad revenues in recent years. In New York magazine, Gabriel Sherman talked to Time Inc CEO Joe Ripp to assess what the future of the company might look like.

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Photo: Wikimedia Commons

Paper Boys

Longreads Pick

Inside the dark, labyrinth, and extremely lucrative world of consumer debt collection.

Published: Aug 14, 2014
Length: 31 minutes (7,839 words)

The Part of Culinary School Nobody Tells You About

Laurie Woolever, in The Billfold, on how she ended up becoming Anthony Bourdain’s assistant:

With my dad’s help, I took out a loan and did a 6-month professional course at the French Culinary Institute, while continuing to work part-time for the family for a few months. I soon learned that I was poorly equipped to be a restaurant cook. I’m rather lazy, I loathe noise, heat, and teamwork, bore easily, and crack under pressure. Months before starting school, I’d read that chefs could make up to $85,000 a year, but it became clear that I’d be lucky to make $25,000, working miserable 60-hour weeks. Having taken on a $24,000 debt (plus interest) on this professional training I suddenly didn’t want, while getting cash advances on my credit card to pay my rent, was stressful. I started breaking out in what I thought were hives, but later turned out to be bedbug bites.

Maybe I’d become a food writer.

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The $124,421 Man

Longreads Pick

On acquiring and paying off a six-figure student debt load:

The amount of money my parents and I were loaned was actually higher than $116,499—$124,141, to be exact—but my parents had been making monthly payments for years, whittling thousands off. In the end, we had decided to take loans out for seven semesters—all but my semester abroad, which my parents paid for out of pocket. (Turns out, it was several thousand dollars cheaper than a semester at Tufts.) Encouraged by low interest rates until senior year’s 6.5 percent, my father decided to pile on the loans, nearly all under his name.

Source: Medium
Published: Jun 25, 2014
Length: 12 minutes (3,079 words)

The Virtual Swindle of the New Breed of Video Games

When pay-to-play becomes pay-to-win, the classic model of video games—paying for time or access to the game—turns into something much more insidious. In The Baffler, game designer Ian Bogost asks us to consider which extracts a higher social cost: the explicit violence of Grant Theft Auto, or the addiction and sly financial drain of Candy Crush?

FarmVille’s mimicry of the economically obsolete production unit of the family farm, in short, proved all too apt—like the hordes of small farmers sucked into tenantry and debt peonage during the first wave of industrialization in America, the freeholders on FarmVille’s vast virtual acreage soon learned that the game’s largely concealed infrastructure was where all the real fee-gouging action was occurring. Even those who kept their wallets tucked away in their pockets and purses would pay in other ways—by spreading “viral” invitations to recruit new farmers, for example. FarmVille users might have been having fun in the moment, but before long, they would look up to discover they owed their souls to the company store.

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The Baffler in the Longreads Archive

Photo: Conor Lawless, Flickr (CC BY 2.0).

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Rage Against the Machines

Longreads Pick

FarmVille’s mimicry of the economically obsolete production unit of the family farm, in short, proved all too apt—like the hordes of small farmers sucked into tenantry and debt peonage during the first wave of industrialization in America, the freeholders on FarmVille’s vast virtual acreage soon learned that the game’s largely concealed infrastructure was where all the real fee-gouging action was occurring. Even those who kept their wallets tucked away in their pockets and purses would pay in other ways—by spreading “viral” invitations to recruit new farmers, for example. FarmVille users might have been having fun in the moment, but before long, they would look up to discover they owed their souls to the company store.

– Game designer Ian Bogost, writing in The Baffler, explains how the real cost of video games is in the addiction and financial drain, not the violence.

Author: Ian Bogost
Source: The Baffler
Published: May 18, 2014
Length: 14 minutes (3,565 words)

Who Gets to Graduate?

Longreads Pick

High-achieving students from low-income families often don’t make it through college. Why?

There are thousands of students like Vanessa at the University of Texas, and millions like her throughout the country — high-achieving students from low-income families who want desperately to earn a four-year degree but who run into trouble along the way. Many are derailed before they ever set foot on a campus, tripped up by complicated financial-aid forms or held back by the powerful tug of family obligations. Some don’t know how to choose the right college, so they drift into a mediocre school that produces more dropouts than graduates. Many are overwhelmed by expenses or take on too many loans. And some do what Vanessa was on the verge of doing: They get to a good college and encounter what should be a minor obstacle, and they freak out. They don’t want to ask for help, or they don’t know how. Things spiral, and before they know it, they’re back at home, resentful, demoralized and in debt.

Author: Paul Tough
Published: May 15, 2014
Length: 34 minutes (8,577 words)